4700 E. Riverside, Austin

October 21, 2019 Comments Off on Zoning Changes Approved for Controversial 97-Acre 4700 E. Riverside Views: 519 Austin, Texas News

Zoning Changes Approved for Controversial 97-Acre 4700 E. Riverside

The Austin City Council approved zoning changes for 4700 E. Riverside, a 97-acre, mixed-use redevelopment at East Riverside Drive and South Pleasant Valley Road. Developers Nimes Capital and Presidium requested zoning changes to include taller buildings, a mix of uses, and the chance to participate in Austin’s density bonus program.

The East Austin development generated controversy, due to displacement and gentrification issues. As currently proposed, it would have up to 4,709 multifamily units, 600 hotel rooms, four million square feet of office space, 60,000 square feet of medical/dental space and 435,000 square feet of commercial space. A preliminary start date is in 2023, with a 20-year buildout.

The developers indicated they would immediately provide housing for 100 people experiencing homelessness for up to five years. In addition, the development will include 400 to 565 affordable apartment units to those earning up to 60% of the area’s median family income.

Read more at Community Impact

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